Top 10 Fixed-Income Holdings
Portfolio %
1) U.S. Treasury Notes 2.25%, 02/15/27
1.06 %
2) CCO Holdings 4.50%, 08/15/30 – 06/01/33
0.66 %
3) CCO Holdings 4.75%, 02/01/32
0.62 %
4) Dominican Republic Intl Bond 8.625%, 04/20/27
0.61 %
5) Royal Caribbean Cruises 5.50%, 08/31/26 – 04/01/28
0.53 %
6) AMMC CLO 25 Ltd. 12.051%, 04/15/35
0.52 %
7) Palmer Square CLO Ltd. 11.713%, 01/15/35
0.43 %
8) Allied Universal Holdco/Allied Universal Finance Corp. 4.625%, 06/01/28
0.42 %
9) Altice France SA 5.125%, 01/15/29 – 07/15/29
0.41 %
10) Balboa Bay Loan Funding 13.212%, 04/20/34
0.38 %
Investment Type
Portfolio %
Corporates – Non-Investment Grade
Industrial
Energy
7.21 %
Consumer Non-Cyclical
6.69 %
Communications – Media
6.33 %
Capital Goods
4.23 %
Basic
3.94 %
Consumer Cyclical – Other
3.22 %
Communications – Telecommunications
2.76 %
Consumer Cyclical – Retailers
2.75 %
Consumer Cyclical – Automotive
2.70 %
Services
2.54 %
Technology
1.94 %
Consumer Cyclical – Entertainment
1.67 %
Transportation – Services
1.17 %
Transportation – Airlines
0.72 %
Consumer Cyclical – Restaurants
0.46 %
Other Industrial
0.46 %
SUBTOTAL
48.79 %
Credit Default Swaps
14.60 %
Financial Institutions
Finance
2.08 %
REITs
1.31 %
Insurance
1.01 %
Brokerage
0.94 %
Other Finance
0.67 %
Banking
0.35 %
SUBTOTAL
6.36 %
Utility
Electric
0.40 %
Natural Gas
0.07 %
SUBTOTAL
0.47 %
SUBTOTAL
70.22 %
Corporates – Investment Grade
Industrial
Consumer Cyclical – Automotive
2.16 %
Energy
1.69 %
Consumer Non-Cyclical
1.28 %
Communications – Media
1.06 %
Basic
0.95 %
Consumer Cyclical – Other
0.88 %
Capital Goods
0.59 %
Consumer Cyclical – Retailers
0.32 %
Consumer Cyclical – Entertainment
0.26 %
Transportation – Services
0.24 %
Communications – Telecommunications
0.09 %
Transportation – Airlines
0.09 %
Technology
0.08 %
Other Industrial
0.04 %
Services
0.03 %
Transportation – Railroads
0.03 %
SUBTOTAL
9.79 %
Financial Institutions
Banking
6.74 %
Insurance
1.32 %
Finance
0.66 %
REITs
0.27 %
Brokerage
0.16 %
SUBTOTAL
9.15 %
Utility
Electric
1.30 %
Other Utility
0.05 %
SUBTOTAL
1.35 %
SUBTOTAL
20.29 %
Emerging Markets – Corporate Bonds
Industrial
Basic
1.75 %
Energy
1.05 %
Consumer Cyclical – Other
0.92 %
Consumer Non-Cyclical
0.69 %
Communications – Media
0.20 %
Capital Goods
0.18 %
Communications – Telecommunications
0.13 %
Consumer Cyclical – Retailers
0.11 %
Consumer Cyclical – Automotive
0.05 %
Services
0.04 %
Transportation – Services
0.02 %
SUBTOTAL
5.14 %
Utility
Electric
0.42 %
Other Utility
0.07 %
SUBTOTAL
0.49 %
Financial Institutions
Banking
0.12 %
SUBTOTAL
0.12 %
SUBTOTAL
5.75 %
Interest Rate Futures
3.90 %
Collateralized Loan Obligations
CLO – Floating Rate
3.59 %
SUBTOTAL
3.59 %
Bank Loans
Industrial
Consumer Non-Cyclical
0.53 %
Communications – Media
0.44 %
Technology
0.41 %
Communications – Telecommunications
0.36 %
Energy
0.35 %
Capital Goods
0.20 %
Other Industrial
0.18 %
Consumer Cyclical – Retailers
0.05 %
Consumer Cyclical – Restaurants
0.02 %
Transportation – Airlines
0.02 %
SUBTOTAL
2.56 %
Financial Institutions
Insurance
0.33 %
Finance
0.02 %
SUBTOTAL
0.35 %
Utility
Electric
0.18 %
SUBTOTAL
0.18 %
SUBTOTAL
3.09 %
Collateralized Mortgage Obligations
Risk Share Floating Rate
2.20 %
Non-Agency Fixed Rate
0.33 %
Non-Agency Floating Rate
0.30 %
Agency Fixed Rate
0.22 %
SUBTOTAL
3.05 %
Emerging Markets – Sovereigns
Emerging Markets – Sovereigns
2.16 %
Credit Default Swaps
0.27 %
SUBTOTAL
2.43 %
U.S. Govt & Agency Securities
1.65 %
Commercial Mortgage-Backed Securities
Credit Default Swaps
1.24 %
Non-Agency Fixed Rate CMBS
0.38 %
SUBTOTAL
1.62 %
Quasi-Sovereigns
Quasi-Sovereign Bonds
1.03 %
SUBTOTAL
1.03 %
EM Government Agencies
0.48 %
Local Governments – US Municipal Bonds
0.40 %
Asset-Backed Securities
Other ABS – Floating Rate
0.28 %
Autos – Fixed Rate
0.08 %
SUBTOTAL
0.36 %
Inflation-Linked Securities
0.24 %
Common Stocks
0.17 %
Preferred Stocks
Industrials
0.09 %
SUBTOTAL
0.09 %
Forward Currency Exchange Contracts
Currency Instruments
-0.02 %
SUBTOTAL
-0.02 %
Reverse Repurchase Agreements
-0.59 %
Cash & Cash Equivalents
Cash
1.25 %
Funds and Investment Trusts
1.04 %
SUBTOTAL
2.29 %
Derivative Offsets
Futures Offsets
-3.86 %
Swap Offsets
-16.18 %
SUBTOTAL
-20.04 %
TOTAL
100.00 %
Country Breakdown
Portfolio %
United States
67.43 %
United Kingdom
4.26 %
France
2.64 %
Canada
1.92 %
Germany
1.81 %
Spain
1.73 %
Brazil
1.36 %
Mexico
1.34 %
Luxembourg
1.25 %
Colombia
1.22 %
Australia
0.99 %
Italy
0.99 %
India
0.92 %
Israel
0.74 %
Dominican Republic
0.62 %
Chile
0.61 %
China
0.56 %
Macau
0.55 %
South Africa
0.54 %
Nigeria
0.53 %
Hong Kong
0.52 %
Peru
0.52 %
Switzerland
0.50 %
Ireland
0.44 %
Netherlands
0.41 %
Puerto Rico
0.40 %
Kazakhstan
0.36 %
Turkey
0.33 %
Angola
0.32 %
Finland
0.32 %
Norway
0.32 %
Indonesia
0.28 %
Zambia
0.26 %
Egypt
0.23 %
El Salvador
0.22 %
Slovenia
0.21 %
Japan
0.18 %
Jersey (Channel Islands)
0.17 %
Ukraine
0.15 %
Panama
0.14 %
Guatemala
0.12 %
Argentina
0.10 %
Sweden
0.10 %
Malaysia
0.08 %
Trinidad and Tobago
0.05 %
United Republic of Tanzania
0.05 %
Czech Republic
0.04 %
Kuwait
0.04 %
Morocco
0.04 %
Romania
0.04 %
Cash & Cash Equivalents
1.05 %
Total Investments
100.00 %
Net Currency Exposure Breakdown
Portfolio %
US Dollar
100.15 %
Canadian Dollar
0.18 %
Pound Sterling
0.10 %
Norwegian Krone
0.02 %
Brazilian Real
0.01 %
Indonesian Rupiah
0.01 %
Swedish Krona
0.01 %
Australian Dollar
-0.01 %
Czech Koruna
-0.01 %
Hungarian Forint
-0.01 %
Polish Zloty
-0.01 %
Colombian Peso
-0.13 %
Euro
-0.31 %
Total Net Assets
100.00 %
Credit Rating
Portfolio %
AAA
1.95 %
AA
0.36 %
A
3.65 %
BBB
18.92 %
BB
42.39 %
B
20.35 %
CCC
7.51 %
CC
0.34 %
D
0.01 %
Not Rated
2.60 %
Short Term Investments
1.04 %
Reverse Repurchase Agreements
-0.59 %
N/A
1.47 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
6.93 %
1 To 5 Years
61.05 %
5 To 10 Years
27.26 %
10 To 20 Years
2.37 %
20 To 30 Years
1.10 %
More than 30 Years
1.12 %
Other
0.17 %
Total Net Assets
100.00 %
Portfolio Statistics:
Average Coupon:
7.50 %
Average Bond Price:
95.71
Percentage of Leverage(based on gross assets):
Bank Borrowing:
0.00 %
Investment Operations:*
16.48 %
Preferred Stock:
0.00 %
Tender Option Bonds:
0.00 %
VMTP Shares:
0.00 %
Total Fund Leverage:
16.48 %
Average Maturity:
5.37 Years
Effective Duration:
3.23 Years
Total Net Assets:
$969.29 Million
Net Asset Value:
$11.24
Total Number of Holdings:
1,293
Portfolio Turnover:
45.00 %
* Investment Operations may include the use of certain portfolio management techniques such as credit
default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The
Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.